Monito, a Lausanne-based startup that helps people find, review and compare over 400 money transfer providers across more than 190 countries, has raised $2.5 million in Series A funding in a round led by Tamedia, Switzerland’s largest private media group.
B&Y Venture Partners, Silicon Valley-based serial fintech entrepreneur Alexandre Gonthier and unnamed prior backers also participated in this round.
François Briod, co-founder and CEO of Monito, comments:
“We’re extremely grateful and excited by the support received from historic investors, and are looking forward to welcoming new investors joining us on our journey to make the money transfer industry more transparent for the better. We’re very much looking forward to collaborating with Tamedia, and – among other things – benefitting from their strong expertise in digital marketing and growing online marketplaces. ”
The company says it intends to use the fresh cash to grow its international audience and raise more awareness regarding the potential savings of comparing money transfer fees.
Monito currently has 7 staff members but will start hiring additional software engineers, designers and digital marketers to complement its team.